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The U.S. House of Representatives has approved H.R. 8, a bill to permanently repeal the Death Tax, by a 272-162 vote. The Death Tax currently phases out and sunsets in 2010 but is scheduled to re-emerge in all its glory in 2011. Death Tax repeal – a top AMT legislative priority – was sponsored by Cong. Ken Hulshof (R-MO) and received 40 Democratic votes in the House. However, the 60 votes required in the Senate to overcome a filibuster will be very difficult to find. A bipartisan group of Senators, led by Sen. Jon Kyl (R-AZ), is working on a compromise short of repeal – raising the exemption for firms and small businesses and substantially lowering the rate.
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